In Media, Look for Made in Germany

Shares of ProSiebenSat.1 Have Withstood Heavy Attack

German cars are no doubt built to last. But the country's media industry has shown it can also take a lickin'.

Consider ProSiebenSat.1 Media, a major free-to-air broadcaster focused on German-language TV. Shareholders have had plenty of reason for concern lately: Private-equity firms KKR & Co. and Permira have sold 27% of the stock outstanding through discounted placements since early September. The two firms, which originally...